STRIKE! STRIKE! STRIKE!

[SmokeAndMirrors]

they require monitoring, maintenance, updating, and tweaking on a regular basis...

No, they don't really. If you need to keep monitoring, maintaining (this is good, but it doesn't require as much attention as you make it seem), "updating" whatever that means, and tweaking on a regular basis, it just means you haven't setup your rig properly. I've had my machines running for the past 2 months straight with a checkup here and there. I have not seen any loss in hashing power and there has been no damage done to my gpu's.

Whew! someone's sheet dosent stink!

Lul. I'm not saying I was able to just throw some gpu's into my machines and hit the start mining button without any problems. I'm saying that once you're correctly setup, you'll be fine to leave the miners running 24/7 with a checkup or 2 per month. Mining is not time consuming at all unless you're doing it as a full-time job with tens of thousands of GH worth of hardware.

[1713898411]

1713898411

[jackjack]

I have a master's degree in applied economics...

That shows you know nothing about economics.  I don't mean to insult but ask me to prove it and I will.

I like where this thread is going

[Quix]

I agree, you should all turn off all your mining systems. For as long as you like. It benefits me and I'm all for anything that benefits me.

[twobits]

5 Thash is enoght to keep the network running. and anyway  at the next difficulty will drop if you do it.

and btw mining should not be profitable. it should run at 0-cost, 0-gain.

but feel free to stop mining at anytime.

No, it should earn normal profits...

no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it.
miners will only gain enough to cover their costs.
if they earn less: they will stop mining.
if they earn more: more miners will come.

I have a master's degree in applied economics...

Mining should earn normal profits, just like any other business. Normal profit is defined as a level of income that is no higher than what you could earn by doing something else with your time and capital. If you can earn more doing something else, you shouldn't bother with mining.

I think the issue here is more one of jargon. Three difference economic principals are being discussed here and merged a bit willy nilly.    The profits will fall to zero,   at the margin,   as mining supply will increase till marginal costs are equal to marginal profits.   This will not be equal for all miners due to comparative advantages, a primary one being the cost of electricity.   Meanwhile,  the units from the low costs producers up to the marginal costs being zero will give profits for the surplus value,  presumable being being at least greater then the opportunity costs.    So you both are right, but looking at a different part of the picture.

[DavinciJ15]

I have a master's degree in applied economics...

That shows you know nothing about economics.  I don't mean to insult but ask me to prove it and I will.

I like where this thread is going

I wanted to bang out a long winded explanation but to what end?  You watch on TV  
http://goldsilver.com/video/u-s-could-run-off-with-other-nations-gold-rickards-tells-cnbc/
And you hear someone who knows what he is talking about when it comes to economics gets childish ridicule of questions, statements of opinion.  Their tone is effective on the masses who don't understand and don't want to be made fun of.

Thus why subject myself to this here when I got enough of it on my youtube channel.
youtube.com/user/davincij15

What current economics education fails to take into account is fraud.  It can not because if it did then it would have to question if what they are teaching is fraudulent because as more fraud comes into the system it has to perpetuate it's self and the only way to do that is to educate people into believing the wrong things.

I know, I know that's crazy talk because no rich person has ever donated large portion of their wealth to universities and shaped their curriculum.   Yes, Yes, and even if they did, there is no such thing as bad wealthy people only good ones looking out for everyone's interest and not their own.

So I can see how you would think my logic is flawed.

Sure even if I was right that would have to mean their are schools that teach the correct version of economics...
Yes there are, it's called Austrian school of economics.

Lets hope Keynesizm is recognized for the witch craft it is in the future.

Ah well I have gone off in a tangent when I said I would not...

Now lets watch a humorous video about Keynesian VS Austrian economics and just laugh about what we can't change.
"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem
http://www.youtube.com/watch?v=d0nERTFo-Sk

 

Smile no mater what side your on cuz ain't nothing going to change.

Davinci.

ONE more thing I love Keynes broken window theory, by that logic Japan must be booming!  LOL